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Apple shares plunge as credit crunch crackles

Apple's stock takes a tumble
Apple's stock takes a tumble

Apple's shares took a nosedive as analysts predicted consumers will react to the economic downturn by deciding against that pricey MacBook or iPhone.

Although the whole of the technology world saw a slump in stock prices, Apple's took one of the largest hits, falling nearly 16 per cent.

The company was previously thought of as one of the shining lights financially, believed to be somewhat immune to recession.


The Guardian reports that the downturn was triggered by Kathryn Huberty, an analyst at Morgan Stanley who wrote in her research note: "We worry that consensus estimates have not been revised down to reflect slowing global consumer demand."

Other losers in the slump included Research in Motion, whose BlackBerry sales have not been as robust as previously had been hoped, although the brand continues to fare well in a saturated mobile market.

Google, Microsoft and Dell also felt the pinch, with the search giant's stock dropping below $400 for the first time since September 2006.